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Auditing
An audit in its simplest form is basically a methodical examination of documents, records, reports, systems of internal control, accounting and financial procedures, and other evidence for the purpose of determining the propriety and legality of proposed or consummated transactions and for the purpose of ascertaining whether all transactions have been recorded and properly reported. In other words, an audit answers the question of whether school officials who have been entrusted with taxpayer or shareholder dollars maintain an effective and efficient system of internal accounting and financial controls.
External audits are conducted by independent public accountants who are qualified by law to examine the financial statements of the school district or business in accordance with Generally Accepted Accounting Principals (GAAP).
AKEBS provides the following auditing and related business services:
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Pre-audit and post-audit preparation and follow-up
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Reconciliation of internal and external audit
recommendations
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Legal advertising and reporting
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Preparation of Comprehensive Annual Financial Reports
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Ensure prepared statements present accurate financial
position
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Ensure propriety, legality, accuracy, and recording of all
fiscal transactions
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Fiscal coordination with other local, state, and federal
departments and agencies
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Training of school district business officials
"The comprehensive annual independent audit is meant to assure full compliance with the law and to improve financial and accounting operations."
Principles of School Business Management
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